The Russian Ruble Is Now Entering Free Fall

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Speaking of a possible economic crisis in Russia, it looks like the ruble is now entering free fall:

For months, Russia’s ruble has been falling in line with a decline in oil. But now, the selloff has stepped up a gear amid a broad rout in emerging-market currencies. Monday, the dollar shot above 63 against the battered Russian currency….“There’s no relief in sight, the mood on the market is pessimistic. Any recovery in the ruble is used to buy into foreign currencies,” said Igor Akinshin, a trader at Alfa Bank.

….The country’s bond markets are also under strain. Russia’s dollar bond maturing in Sept. 2023 is yielding 7.102%, up from 6.633% on Friday.

It’s above my pay grade to speculate on how this ends. But it’s worth keeping an eye on.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate